SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
FinancialsDec 05, 2019
Signet Exceeds Expectations With a Strong Q3
Same-store sales rose at all U.S. mall-based banners while online sales posted double-digit growth.
Signet Jewelers-owned Piercing Pagoda posted its sixth consecutive quarter of double-digit growth in Q3, with same-store sales rising 12 percent.
Akron, Ohio—Signet Jewelers Ltd. exceeded expectations in the third quarter, as comps rose at all U.S. mall-based banners and online sales posted double-digit growth.
In the third quarter ended Nov. 2, Signet’s same-store sales rose 2.1 percent year-over-year.
E-commerce sales were up 11 percent to $139.9 million, and accounted for 12 percent of total sales, up from 11 percent a year ago.
Brick-and-mortar same-store sales grew 1 percent.
Total sales reached $1.19 billion, essentially flat year-over-year on a both a reported and constant-currency basis.
Signet also reported a smaller-than-expected loss in the quarter, $43.7 million, causing its shares to rise 8 percent in pre-market trading.
It was the retailer’s North American chains—particularly Piercing Pagoda—and online sales that drove the increase while U.K. stores struggled due to Brexit, with comps dropping 5 percent, executives said on Thursday morning’s earnings call.
North America same-store sales were up 3 percent in the quarter. Average transaction value inched up 1 percent while the number of transactions increased 3 percent.
Kay and Jared stores held a lot of clearance sales in the third quarter, which ultimately impacted gross margin, though Chief Financial Officer Joan Hilson noted on the call, “Underneath that, we are pleased by the performance of new product.”
Signet’s total GAAP gross margin was $367.7 million, or 31 percent of sales, down 20 basis points year-over-year.
The retailer’s top performer in the third quarter was James Allen, which posted a 16 percent sales increase, followed by Piercing Pagoda at 12 percent.
CEO Gina Drosos said Q3 marked Piercing Pagoda’s sixth consecutive quarter of double-digit growth.
In addition, the ear piercing chain opened 11 new kiosks in “top-performing malls” in the period and launched its first advertising campaign.
Kay Jewelers saw same-store sales increase 4 percent, with the “Center of Me” collection, a line of Hallmark-branded jewelry, and Adrianna Papell bridal among the top sellers.
Comps at Zales were up 3 percent, due in part to the new Marilyn Monroe collection as well as the Disney-licensed “Frozen 2” and “Maleficent” lines.
Jared the Galleria of Jewelry (down 3 percent), Canadian chain Peoples (down 4 percent) and regional banners (down 16 percent) all posted same-store sales declines.
On Thursday’s call, Drosos said Signet has improved the effectiveness of its advertising spend, particularly by using data analytics to target customers online, and adopted a “mobile-first” approach to online advertising.
RELATED CONTENT: Mobile Shopping Emerges as an Early Holiday Winner
She
said the company launched its holiday marketing in the third quarter in order to begin driving awareness earlier.
Drosos also mentioned Signet’s efforts to improve the in-store experience and focus on services, which she called “an important part of our long-term strategy.”
Following a limited test run, Signet is now doing ear piercing in more than 400 Kay Jewelers stores.
It’s also ramping up its repair business across all banners.
Drosos said this coming weekend, the retailer is holding “Get Your Sparkle On” events in Kay, Jared and Zales stores. Customers are given a free jewelry cleaning and 10 percent off repair services.
Despite a relatively strong Q3, Signet still expects to post a same-store sales decline for the fiscal year of 1 to 2 percent, with total sales of $6.01 billion to $6.05 billion.
“Our financial guidance embeds the progress we have seen year to date balanced with our expectation for a competitive retail holiday environment,” as well as a shorter holiday season and continued impact from Brexit in the U.K., Drosos said.
As announced earlier this year, Signet will close 150 stores this fiscal year and open 35. Counted among the openings are some mall stores that are being moved to off-mall locations.
Net selling square footage will decline about 3 percent as a result of the closures.
The retailer said Thursday that it has closed 86 stores in the fiscal year to date.
Since FY 2018, Signet has reduced the size of its store base by 12 percent. Its store count as of Nov. 2 stands at 3,274: 2,813 locations in North America and 461 in the U.K.
The retailer is exiting failing malls and “simplifying its portfolio” by eliminating most of its regional banners, stores like JB Robinson Jewelers, Belden Jewelers and Gordon’s Jewelers.
Drosos also mentioned Signet’s efforts to improve the in-store experience and focus on services, which she called “an important part of our long-term strategy.”
Following a limited test run, Signet is now doing ear piercing in more than 400 Kay Jewelers stores.
It’s also ramping up its repair business across all banners.
Drosos said this coming weekend, the retailer is holding “Get Your Sparkle On” events in Kay, Jared and Zales stores. Customers are given a free jewelry cleaning and 10 percent off repair services.
Despite a relatively strong Q3, Signet still expects to post a same-store sales decline for the fiscal year of 1 to 2 percent, with total sales of $6.01 billion to $6.05 billion.
“Our financial guidance embeds the progress we have seen year to date balanced with our expectation for a competitive retail holiday environment,” as well as a shorter holiday season and continued impact from Brexit in the U.K., Drosos said.
As announced earlier this year, Signet will close 150 stores this fiscal year and open 35. Counted among the openings are some mall stores that are being moved to off-mall locations.
Net selling square footage will decline about 3 percent as a result of the closures.
The retailer said Thursday that it has closed 86 stores in the fiscal year to date.
Since FY 2018, Signet has reduced the size of its store base by 12 percent. Its store count as of Nov. 2 stands at 3,274: 2,813 locations in North America and 461 in the U.K.
The retailer is exiting failing malls and “simplifying its portfolio” by eliminating most of its regional banners, stores like JB Robinson Jewelers, Belden Jewelers and Gordon’s Jewelers.
More on Financials
The Latest
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
SourcingMar 24, 2026
AGTA Solidifies Tucson Dates For 2027-2029The next three editions of AGTA GemFair Tucson will feature a five-day show that includes Sunday.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
SourcingMar 18, 2026
Lucara Recovers Nearly 37-Carat Blue DiamondThe “stunning” Type IIb stone was found via x-ray technology at its Karowe mine in Botswana.
MajorsMar 18, 2026
Stuller Releases New Edition of Jewelry Education Book“The Basics of Jewelry” has been updated to include modern topics and visuals.
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
SourcingMar 17, 2026
Cruzeiro Mine Debuts ‘Winter Tourmaline’The Brazilian mine’s new collection features cabochons in soft, muted shades like silver and lilac.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
